Congrats on getting such a good deal. I have a '79 that I picked up a month ago for $40. It's mechanically perfect, with the only problems being the peeling decals and the factory paintjob. It's about a foot thick in places, and so thin in other places that you can see the primer underneath. I'm giving thought to stripping it down and powdercoating it. Or maybe I'll just leave it like it is.

I find the bike to be really comfortable. And I don't mind the weight, as I'm in it for the exercise. If I want to take 15 lbs off my total weight (my bike, my gear, and me), it'll be cheaper to lose my gut.